Kraken's parent company Payward adjusts xStocks governance mechanism, allowing eligible holders to submit proxy voting intentions

TechFlow News, August 5, according to The Block, Kraken's parent company Payward announced a partnership with Broadridge to adjust the governance participation mechanism for its tokenized stock product xStocks. Previously, xStocks holders did not enjoy voting rights corresponding to the underlying stocks; after the collaboration is implemented, eligible investors will be able to submit proxy voting preferences to participate in corporate governance.

xStocks are issued by Backed and are currently open only to eligible investors outside the United States and the United Kingdom. Payward stated that it will further expand the product to the Hong Kong stock market in the future and plans to gradually cover international markets such as the United Kingdom, Europe, and South Korea. This move reflects that tokenized securities are continuing to evolve in a direction closer to traditional equity rights.